Joseph Sullivan argues that the global oil market is a thing of the past because of the discount on Russian oil:

Nowadays, Urals oil, a benchmark Russian crude price, is trading at over $30 less per barrel than Brent crude, the worldwide benchmark price (a far higher discount than the marginal differentials seen in the recent past). Iranian oil, by comparison, is only trading at $2 to $5 less. Much of the discrepancy between Brent and Russia can be explained by voluntary “self-sanctioning” by market participants since the price disparities began showing up even before the West started some of its heaviest sanctions. In both its nature and its size, then, the collapse in the globalization of oil is unlike anything observed since the end of the Cold War.
On one side of the new oil divide are rich Westerners that can afford to pay more to avoid buying Russia’s oil. On the other side, with Russia and China, are the world’s poor. They cannot afford to turn down the Putin discount.

Read the whole thing here.